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|CONTENTS||
|---|---|
||~Pe PNP.|
|TRUSTEES' ANNUAL
REPORT|1 —21|
|STATEMENT OF COMPLIANCE
WITH CORPORATE||
|GOVERNANCE
MATTERS||
|STATEMENT OF TRUSTEES' RESPONSIBILITIES|23|
|INDEPENDENT AUDITOR'S REPORT|24-26|
|STATEMENT OF FINANCIAL ACTIVITIES||
|BALANCE SHEET|28|
|STATEMENT OF CASH FLOWS|29|
|NOTES TO THE FINANCIAL STATEMENTS|30-42|
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|||||unrestricted|Endowment|Total funds||
|---|---|---|---|---|---|---|---|
||||Notes|funds|funds|2022|2021|
|Income and endowments||from:||||||
|Charitable
activities|-social|housing||245,238||245,238|259,437|
|Service level agreement||||27,713||27,713|27,851|
|Investments||||205,529|345,308|550,837|527,875|
|Transfer to income||||284,038|(284,038)|||
|Total Income||||762,518|61,270|&23,788|&15,163|
|Expenditure
on:||||||||
|Raising funds —Investment
Fees||Management||39,688|58,348|98,036|97,974|
|Charitable
activities||||362,598||362,598|346,833|
|Total Expenditure||||402,286|58,348|460,634|444,807|
|Net Incomel (Expenditure)||||360,232|2,922|363,154|370,356|
|Net gains/(losses)|on investments||10|244,100|248,529|492,629|3,543,690|
|Net movement
in|funds|||604,332|251,451|855,783|3,914,046|
|Reconciliation
of|funds:|||||||
|Total funds brought
forward||||10,133,408|10,832,598|20,966,006|17,051,960|
|Total funds carried forward||||10,737,740|11,084,049|21,&21,789|20,965,006|
##
|AS AT 31 MARCH|2022|2022||||
|---|---|---|---|---|---|
||||Notes|2022|2021|
|Fixed assets||||||
|Tangible fixed assets||||1,326,737|1,360,831|
|investments|||10|19,135,175|18,475,234|
|||||20,461,912|19,836,065|
|Current assets||||||
|Debtors||||9,642|10,667|
|Gash and cash equivalents:||||||
|Investments
—deposit||accounts||461,418|360,349|
|Cash at bank and
in|hand|||974,870|627,247|
|Total cash and cash|equivalents|||1,436,288|1,167,596|
|Total current assets||||1,445,930|1,198,263|
|Creditors". amounts
one year|falling due within||12|(86,053)|(68,322)|
|Net current assets||||1,359,877|1,129,941|
|Net assets||||21,821,789|20,966,006|
|The funds ofthe charity||||||
|Permanent
Endowment||Fund|13|11„084,049|10,832,596|
|Unrestricted
Funds||||||
|Development
Fund|||14b|4,341,998|4,114,048|
|Extraordinary
Repair|Fund|||3,741,464|3,528,588|
|Revenue Reserves|||15|2,449,056|2,285,550|
|Social Housing Grants||Fund|II15|205,222|205,222|
|Total unrestricted
funds||||10,737,740|10,133,408|
|Total charity funds|||15|21,821,789|20,966,006|
##
##
|||||2022|2021|
|---|---|---|---|---|---|
|Cash used in operating
activities||||(10,352)|25,380|
|Cash flows from investment
activities||||||
|Investment
and Interest Income||||284,373|293,668|
|Purchase oftangible
fixed assets||||(25,320)|(8,361)|
|Cash provided
by investing
activities||||259,053|285,307|
|Changes
in cash and cash equivalents
year|during||the|248,891|310,687|
|Cash and cash equivalents
at the beginning
year||ofthe||1,187,596|876,909|
|Total cash and cash equivalents
at the end|||ofthe year|1,436,288|1,187,596|
|Reconciliation
ofnet movement
in funds|to|net|cash flow from|operating
activities||
|Net movement
in funds||||855,783|3,914,046|
|Add back depreciation
charge||||59,414|65,393|
|Add back in investment
management
fees
at source from investment
income||deducted||98,037|97,974|
|Deduct interest income shown
in investing||activities||(549,722)|(527,108)|
|(Deduct) gains/add
back losses on investments||||(492,829)|(3,543,690)|
|Decrease/(Increase)
in debtors||||1,025|(4,648)|
|Increase/(Decrease)
in creditors||||17,729|23,413|
|Net cash used in operating
activities||||(10,382)|25,380|
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|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|Income from letting activities||||||||||
|Weekly maintenance
contribution||receivable|||net of identifiable|service||||
|charges
Service charges receivable||||||||213,642
33,634|209,886
33,062|
|||||||||247,278|242,948|
|Voids||||||||(4,799)|(15,681)|
|Net weekly maintenance
contributions||||receivable||||242,477|227,267|
|Other income from social housing|||lettings|||||2,762|"32,170|
|Total income from social housing||activities||||||245,239|259,437|
|*Government
Grant in respect ofCovid-1 9 relief for the Estate||||||Community|Centres|||
|Operating
and *non-operating|expenditure|||||||||
|Housing
management||||||||18,434|12,302|
|Services||||||||64,834|50,066|
|Routine maintenance||||||||24,947|30,508|
|Cyclical maintenance
and Repairs|||and|Improvements||||8,571|15,252|
|Governance costs||||||||24,443|23,020|
|Staff costs||||||||131,289|114,444|
|Depreciation||||||||59,414|65,393|
|Other costs||||||||30,665|35,848|
|Total expenditure
on social housing|||activities|||||362,598|346,833|
|Operating
deficit on social housing|||lettings|||||(117,359)|(87,396)|
|*Non-operating
expenditure|relates||to|quinquennial
and other||costs||||
|GOVERNANCE COSTS||||||||||
|Audit and accountancy
Professional fees||||||||13,536|12,802|
|Total governance
cost||||||||24,443
10,907|23,020
10,218|
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||||2022|2021|
|---|---|---|---|---|
||||f|f.|
|Dividends|8,interest on managed|funds|549,722|527,106|
|Bank interest receivable|||1,115|757|
||||550,837|527,875|
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|TANGIBLE FIXEDASSETS|||||
|---|---|---|---|---|
|||Freehold|||
||Social housing|*land and|||
||properties|buildings|Equipment
f|Total|
|Brought fonvard at 1 April 2021|1,990,063|256,274|65,670|2,343,027|
|Additions|21,189||4,131|25,320|
|at 31March 2022|2,011,272|266,274|90,801|2,366,347|
|Depreciation|||||
|Brought forward at 1 April 2021|(827,456)|(77,058)|(77,672)|(982,196)|
|Provided
in year|(50,691)|(5,325)|(3,396)|(59,414)|
|Carried forward at 31March 2022|(878,147)|(82,393)|(81,070)|(1,041,610)|
|Net book value|||||
|at 31March 2022|1,133,125|183,881|9„731|1,326,737|
|at 1 April 2021|1,162,627|189,206|8,998|1,360,&31|
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|INVESTMENTS||2022|2021|
|---|---|---|---|
|at 1 April 2021||18,475,234|14,796,077|
|Cash Movement||167,312|135,467|
|Unrealised
gains/(losses)|in year|492,629|3,543,690|
|at 31 March 2022||19,135,175|18,475,234|
|||||2022|2021|
|---|---|---|---|---|---|
||||||E|
|The Investments|comprise:|||||
|Fixed Interest||||1,956,570|2,199,369|
|UK Equities||||6,394,319|5,212,592|
|Global Equities||||8,140,257|8,463,729|
|Property||||563,102|238,453|
|Alternative
Assets||||2,125,896|1,082,553|
|Liquid Assets||||1,055,031|1,278,538|
|Reported
Balances||||19,135,175|18,475,234|
|Market value ofinvestments|||greater than 5%oftotal investment|||
|Sarasins Endowment||Funds|(formerly the Alpha CIF for Endowments)|10,111,796|9,827,223|
##
|YEAR ENDED 31 INARCH|YEAR ENDED 31 INARCH|2022|2022|||
|---|---|---|---|---|---|
|||||2022|2021|
||||||E|
|DEBTORS||||||
|Weekly Maintenance|Contribution||debtors|1,765|1,630|
|Prepayments
and accrued interest||||7,877|9,037|
|||||9,642|10,667|
|CREDITORS: amounts
falling due within one year||||||
|Other creditors||||36,8'l1|19,723|
|Accruals and deferred|income|||49,242|48,599|
|||||86,053|68,322|
|PERNIANENT
ENDOWMENT||FUND||||
|Balance at 1 April 2021||||10,832+98|8,816,360|
|Transfer between
funds|||||9,419|
|Income||||61,270|56,434|
|Expenditure||||(58,348)|(57,600)|
|Unrealised
revaluation|gain/losses||on investments|248,529|2,007,985|
|Balance at31March|2022|||11,084,049|10,832,598|
##
|YEAR ENDED 31 MARCH 2022|YEAR ENDED 31 MARCH 2022|YEAR ENDED 31 MARCH 2022||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||F||
|DESIGNATED RESERVES (Extraordinary||||Repair Fund)||||
|Balance at|1 April 2021|||||3,528,588|2,755,975|
|Transfer between
funds|||||||(1,258)|
|Unrealised|revaluation
gains/(losses)||on investments|||116,190|731,251|
|Investment|income|||||82,503|70,812|
|Expenditure
Movement|in the year transferred|from Income and Expenditure|||account|(39,897)
54,585|(18,734)
~8,458|
|Balance at|31 March 2022|||||3,741,464|3,528,588|
|Included
within the Extraordinary||Repair Fund isa gain of5115,190(2021:gain ofF731,251) relating|||||to unrealised|
|revaluation|gains/(losses)
on investments.|||||||
##
|Extraordinary
Repair Fund.
The transfer of
F54,080above.|Extraordinary
Repair Fund.
The transfer of
F54,080above.|Extraordinary
Repair Fund.
The transfer of
F54,080above.|
the F27,040 in respect o|,
fthe 2020/21accounts
is reflected|
in the|
|---|---|---|---|---|---|
|DESIGNATED RESERVES (Development|||Fund)|||
|Balance at|1 April 2021|||4,114,048|3,214,277|
|Transfer between
funds|||||1,304|
|Unrealised|revaluation
gains/losses|on investments||127,910|814,059|
|Investment|income|||121,911|106,039|
|Expenditure||||(21,871)|(21,631)|
|Balance at|31 March 2022|||4,341„99&|4,114,048|
##
##
|RECONCILIATIO|N
OF|FUNDS AND MOV|EMENTS
ON RESERVE|S||||
|---|---|---|---|---|---|---|---|
||||||Unrestricted
Reserves|||
||||Permanent|Revenue|Designated|||
||||Endowment|Reserve|Reserve|||
||||Fund|Fund|Funds||Total|
||||5||6||F|
|at 1 April 2021|||10,832,598|2,490,772|7,642,636|20,966,006||
|Transfer between|funds|||(50,290)|50,290|||
|Income|||61,270|558,104|204,414||823,788|
|Expenditure|||(58,348)|(344,308)|(57,978)|(460,634)||
|Gain on investments|||248,529||244,100||492,629|
|Carried forward|at 31|March 2022|11,084,049|2,654,278|8083462|21|821 789|
|*See2021 comparative||on page 40||||||
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||||||Unrestricted
Resenres|Unrestricted
Resenres|
|---|---|---|---|---|---|---|
|||Permanent
Endowment||Revenue
Designated
Reserve
Reserve|||
||||Fund|Fund
Funds||Total|
|||F|||6|8|
|at 1 April 2020||8,816,360||2,265,348|5,970,262|17,051,960|
|Transfer between|funds||9,419|(9,465)|46||
|Income||||572,263|176,851|805,548|
|Expenditure|||(57,600)|(337,374)|(49,823)|(444,797)|
|Gain on investments||2,007,985|||1,545,310|3,5&,295|
|Carried forward|at 31March 2021|10,832,598||2,490,772|7,642,636|20,966,006|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||||
||||Permanent||||
||||Endowment|Unrestricted|||
||||Fund|Funds||Total|
|||||||6|
|Tangible fixed assets||||1,328,737||1,326,737|
|Investments|||11,084,169|8,051,006||19,135,175|
|Cash at bank and|in hand|||1,436,288||1,436,288|
|Other net current|assets||||(76,411)|(76,4'1 1)|
||||11,084,169|10,737,620||21,821,789|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS||—2021 COMPARATIVE|||||
||||Permanent||||
||||Endowment|Unrestricted|||
||||Fund||Funds|Total|
||||6||6|F|
|Tangible fixed assets|||||1,360,831|1,360,831|
|Investments
Cash at bank and|in hand||10,832,598||7,542,638
827,248|18,475,234
827,248|
|Other net current|assets||||302,693|302,693|
||||10,832,598||10,133,408|20,966,006|
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|||||Unrestricted|Endowment|Total funds|
|---|---|---|---|---|---|---|
||||Notes|funds|funds|202f.|
|Income and endowments|from:||||||
|Charitable
activities -social|housing|||259,437||259,437|
|Service level agreement
Investments
Transfer to income||||27,851
472,870|55,005|27,851
527,875|
|Total Income||||760,158|55,005|815,163|
|Expenditure
on."|||||||
|Raising funds —Investment
Charitable
activities
Total Expenditure|Management|Fees||40,374
346,833
387,207|57,600
57,600|97,974
346,833
444,807|
|Net Incomel (Expenditure}||||372,951|(2,595)|370,356|
|Net gainsl(losses)
on investments|||10|1,534,276|2,009,414|3,543,690|
|Net movement
in funds||||1,907,227|2,008,819|3,914,046|
|Reconciliation
offunds:|||||||
|Total funds brought forward
Total funds carried forward||||8,226,181
10,133,408|6,825,779
10,832,598|17,051,960
20,966,006|